HomeMy WebLinkAbout2007-01-04 Council minutes
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CITY OF IOWA CITY
MEMORANDUM
Date: January 11, 2007
To: Mayor and City Council
From: Marian K. Karr, City Clerk
Re: Council Budget Work Session, January 4,2007, noon in Emma J. Harvat Hall
Council: Bailey, Champion, Correia, Elliott, O'Donnell, Vanderhoef, Wilburn
Staff: Atkins, Helling, O'Malley, Karr, Lewis, Dulek, Goers, Mansfield
UISG Rep: Volland
Tapes: 07-01, Both Sides; 07-02, Side 1
(A complete transcription and materials distributed are available in the City Clerk's Office)
BUDGET OVERVIEW
The City Manager presented the FY08-10 budget overview; reviewed expense and revenue
sources; taxable assessed values; existing and new construction; general fund balance policy;
cash reserve policy; and tax rates.
Council requested information on:
1) Implication of retaining current tax rate (rather than increase as proposed)
2) Utility replacement tax implications
3) List of unfunded Capital Improvement Projects (CIP)
4) Information on sick leave payout before 1986
5) Make up of designated or reserved cash balance
6) Bond rating or credit rating information
7) Condo conversion analysis
8) Commercial rollback calculation as it relates to lose revenue in the General Funds
9) Departmental Summaries/Presentations
STAFF ACTION: Memo from City Manager in January 11 Information Packet. (Atkins)
HANDOUTS DISTRIBUTED/OVERHEADS:
The City Manager discussed the following materials:
)> Budget08
)> Average Rack Price for Gasohol and Diesel FY2001 - 2007
)> Road Use Tax
)> Rollback - Recent History
)> ... Financial Plan for 2008 - 2010 (page 19 of budget)
)> FY2008 Proposed Budget / Financial Plan (2 pages)
Council Work Session
January 4, 2007
Page 2
~ Residential Property Growth
~ Commercial Property Growth
~ ... property tax requests for FY2008 through FY2010 including the FY2007 certified tax
request... (page 14 of budget)
~ Tort Liability Insurance
~ IPERS Contribution Rate
~ Police & Fire Pension - Contribution Rates
~ Health Insurance Costs
~ Debt Service Fund (pages 25-26 of budget)
~ General Fund Year-End Cash Balance (page 24 of budget)
~ ... Ten Year History Certified Tax Levy Rates
~ General Fund - Expenditures (page 21 of budget)
~ Road Use Tax Receipts
~ 2006 Valuations per Auditor
~ ... total 2006 assessed value of condominiums...
Finance Director O'Malley and Budget Analyst Mansfield present for discussion.
BUDGET SCHEDULE
CIP - Tuesday, January 16, Harvat Hall, 8AM - 5PM
Board, Commission and Community Events Presentations - Monday, January 29, 6:30PM
General Budget Wrap up - Tuesday, January 30, 6:30 PM
The City Manager stated that given the time schedule Council would be setting public hearing
on the budget at their February 6 meeting, holding the hearing on February 20, and adopting the
budget March 6.
Meeting adjourned 10:20 AM.
(FLIP CHART)
BUDGET '08
Benefit Levy